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Aspects of the CARD act that still seem hidden

[Tuesday, September 13th, 2011]

It has been two years since the time the Credit Card Accountability, Responsibility and Disclosure Act came into effect. Despite this, there are a lot of facts about this act that are still hidden. Here are a few important ones that every person needs to be aware of.

First of all, the CARD Act does not levy a cap on the interest rates that banks can charge on the credit cards. The Act can only prevent the banks from increasing the rates arbitrarily, like in the past. Linda Sherry, a financial analyst with a leading company, says that most people wrongly assume that the CARD Act curbs the interest rates on the card. This is, however, not true. She says that the best cards with the best terms are advertised and issued only to people with good credit history. Those with a poor credit score are left to the mercy of the banks that can take advantage of their plight by charging sky high interest rates.

Unlike what many people think, the CARD Act does not prevent credit card companies from marketing their cards to college students. It has only levied certain restrictions that have curbed the aggressive marketing tactics that credit card lenders resorted to in the past. Today, students below the age of 21 have to either produce proof of sufficient income to cover the costs of the credit card or get a parent to co-sign on the application form. Also, the Act stipulates that lenders cannot entice students with freebies to sign-up for their cards.

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New Chase Credit Cards Offer Big Rewards For Travelers
[April 18th, 2018]

There are two new rewards credit cards available for travelers who want to collect extra points when checking in to their favorite hotels. The IHG Rewards Club Premier card and the IHG Rewards Club Traveler card from Chase Card Services offer reward points, free anniversary nights, elite membership stats, no foreign transaction fees, and more.

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Costa Rica, Rome, And Vietnam Among Top Destinations For Travelers In 2018
[January 19th, 2018]

One of the best things about credit cards is being able to accrue frequent flyer miles and other travel perks, just by making purchases you’d be making anyway. And American Express, which offers many popular travel rewards credit cards, recently released a report on the most popular travel destinations for travelers looking forward to adventures in 2018.

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Many Americans In Credit Card Debt Have Been In Debt For Over Two Years
[November 7th, 2017]

If you are carrying credit card debt and feel like you’ve been carrying it forever, you might be right. Well, maybe not forever, but for a while.

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